Gold is down. Through Thursday, the precious metal had declined almost 2 percent for the week after falling more than 1 percent last week.
Gold is down. Through Thursday, the precious metal had actually decreased almost 2 percent for the week after falling more than 1 percent last week. He calls it a purchasing opportunity ought to gold fall further.
Some market watchers are bullish on the metal despite its decrease. He calls it a purchasing opportunity must gold fall even more.
– Golds 100-day moving average, at $1,294 since Thursday night, represents about 2 percent listed below where gold was trading on Thursday. At this level, around $1,300, would be a solid purchasing opportunity and technical support.
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Conventional knowledge would suggest the wild market swings, triple- to quadruple-digit point drops in the Dow Jones industrial average, and major U.S. markets participating in corrections would hint greater gold costs as financiers flock to safe sanctuaries.
Bottom line: Commodity trader Bill Baruch is bullish on gold at these levels regardless of the current weakness and sees a purchasing opportunity around the $1,300 level.
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– At its 2018 high, gold was up almost 10 percent from its December lows; its now up a little over 6 percent from its December lows around $1,241 per ounce.
– The dollar has room to fall here, and any significant decrease would be a key catalyst in gold breaking higher in the next 3 to six months.